Answer:
It will take 14 quarters (3.5 years) to reach $44,622.09 from $35,000 at an interest rate of 7% compounded quarterly.
Explanation:
Giving the following information:
PV= 35,000
FV= 44,622.09
i= 0.07/4= 0.0175
We need to calculate the number of quarters required to reach the objective. We will use the following formula:
n= ln(FV/PV) / ln(1+i)
n= ln(44,622.09/35,000) / ln(1.0175)
n= 14
It will take 14 quarters (3.5 years) to reach $44,622.09 from $35,000 at an interest rate of 7% compounded quarterly.
Answer: $12000
Explanation:
The amount of interest should Turnbull include in the cost of the building from the current period will be calculated as the outstanding debt multiplied by the interest rate. This will be:
= $200,000 × 6%
= $200,000 × 6/100
= $200,000 × 0.06
= $12,000
Therefore, the correct option is C.
Answer:
Gross pay:
- consultant $4,000
- computer programmer $3,300
- administrator $2,800
Net pay:
- consultant $2,767.98
- computer programmer $2,295.48
- administrator $1,993.98
Explanation:
regular earnings overtime withholding
allowances
Consultant $4,000 per week N/A 2
Computer programmer $60 per hour 1.5 1
Administrator $50 per hour 2 2
computer programmer worked 50 hours = ($60 x 40) + ($60 x 10 x 1.5) = $3,300
administrator worked 48 hours = ($50 x 40) + ($50 x 8 x 2) = $2,800
Social security taxes:
-
Consultant = 6% x $4,000 = $240
- Computer programmer = 6% x $3,300 = $198
- Administrator = 6% x $2,800 = $168
Medicare taxes:
- Consultant = 1.5% x $4,000 = $60
- Computer programmer = 1.5% x $3,300 = $49.50
- Administrator = 1.5% x $2,800 = $42
Federal income taxes:
- Consultant: amount subject to withholding = $4,000 - (2 x $75) = $3,850. Federal income taxes = $356.90 + [28% x ($3,850 - $1,796) = $932.02
- Computer programmer = amount subject to withholding = $3,300 - (1 x $75) = $3,225. Federal income taxes = $356.90 + [28% x ($3,225 - $1,796) = $757.02
- Administrator = amount subject to withholding = $2,800 - (2 x $75) = $2,650. Federal income taxes = $356.90 + [28% x ($2,650 - $1,796) = $596.02
Gross pay:
- consultant $4,000
- computer programmer $3,300
- administrator $2,800
Net pay:
- consultant $4,000 - ($240 + $60 + $932.02) = $2,767.98
- computer programmer $3,300 - ($198 + $49.50 + $757.02) = $2,295.48
- administrator $2,800 - ($168 + $42 + $596.02) = $1,993.98